European Stocks Fall Sharply as Dollar Weakens

March 23, 2018
European Stocks Fall Sharply as Dollar Weakens

By Investors Hub

European stocks have fallen sharply on Thursday as the dollar weakened following less-hawkish-than-expected outlook under new Fed Chair Jerome Powell.

While the French CAC 40 Index has plunged by 1.4 percent, the German DAX Index and the U.K.?s FTSE 100 Index are down by 1.2 percent and 1.1 percent, respectively.

In economic news, German business sentiment deteriorated in March, survey data from Ifo institute revealed. The business climate index dropped to 114.7 from February’s initially estimated 115.4.

Separately, flash data from IHS Markit showed that the euro area private sector expanded at the weakest pace in more than a year in March. The composite output index dropped to 55.3 from 57.1 in February.

HeidelbergCement has fallen after saying it expects a moderate rise in sales in 2018. Tech giant Micro Focus has also slumped after its earnings alert earlier in the week.

Meanwhile, consumer goods maker Reckitt Benckiser Group has jumped after it ended talks with Pfizer over buying its consumer healthcare business.

British construction and support services firm Interserve has also moved sharply higher after it struck a refinancing deal with its banks.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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